02/02/2011
New Rules 2011, Part II - Estate and Gift Tax Changes
Our estate planning attorneys discuss the return of the federal estate tax in 2011, changes to the gift tax and generation skipping transfer tax, and the new portability of unused estate tax exclusion from a deceased spouse to the surviving spouse. The Illinois estate tax has returned in 2011 as well, but for smaller estates than the federal estate tax, complicating wealth transfer planning for Illinois residents. We offer some suggestions on how to deal with these new rules.